Sureserve ends year in line with expectations
By Josh White
Date: Tuesday 11 Oct 2022
(Sharecast News) - Social housing energy service provider Sureserve said in an update on Tuesday that it continued to experience growth in revenue, earnings and cash flow in the financial year just ended.
The AIM-traded firm said that as a result, it expected results for the 12 months ended 30 September to be in line with management expectations.
It said that reflected "solid" operational performance despite inflationary pressures, against which it had taken action, and remained "confident" it could continue to mitigate moving forward.
The order book stood at £585m, up more than 16% on the prior year, which the board put down to "the resilience" and continuing demand for Sureserve's services.
At year-end on 30 September, its net cash balance excluding lease liabilities was more than £23m, compared to £16.5m year-on-year, with the £15m revolving credit facility remaining undrawn.
The company said the Sureserve Fire and Electrical and Precision Lift Services businesses were still being held for sale.
Both were performing "well", providing the firm with the opportunity to achieve "the right price and the right buyer" for each business.
"The results for the year confirm a good trading performance and demonstrate Sureserve's resilient business model, which is to provide energy services to the social housing sector," said chief executive officer Peter Smith.
"Our £585m order book provides good visibility of future earnings and our strong cash generation sets us up well to deliver on our growth targets."
Sureserve said it would publish its full year results for the 12 months ended 30 September on 24 January.
At 1530 BST, shares in Sureserve Group were down 4.5% at 76.4p.
Reporting by Josh White at Sharecast.com.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN